Fashion / Cosmetics / Jewellery
Bangalore-based legacy jeweller CKC looking to enter lab-grown diamond and high-end silver jewellery businesses in a big way
C. Krishniah Chetty (CKC), a heritage jeweller from Bangalore, has expanded into the lab-grown diamond and high-end silver jewellery markets. Their sub-brand crash.club achieved a milestone by selling India's largest recorded lab-grown diamond, a 20.06-carat emerald-cut stone. This move targets modern consumers interested in sustainable luxury options. The diamond, with F color and VS1 clarity, demonstrates high-quality craftsmanship. Executive director Chaitanya V Cotha mentioned that customers value the environmental advantages and exceptional quality of lab-grown diamonds, positioning crash.club as a leader in this growing market.
Myntra aims to onboard 500 D2C brands under new program to push Make-in-India
Myntra revealed plans to onboard 500 D2C beauty and grooming brands by the end of the year through its Beauty Edit initiative. This program aims to accelerate the growth of made-in-India digital-first beauty brands, aligning with India's rapidly expanding Beauty and Personal Care industry, projected to reach $30 billion by 2027.
Gold demand fades amid rising prices, but its value remains strong
India experienced a 5% decline in gold demand year-on-year for Q2 2024 due to high prices. Jewellery sales dropped 17%, whereas gold bars and coins saw a 46% increase. Despite lower volume, the value of gold demand increased 14%. Import duty reductions might spur interest in the coming festive season.
More than a third of fashion and footwear products get returned in online shopping: Report
A recent report by Return Prime revealed that over a third of fashion and footwear products are returned in online shopping, with 17.6% of all ecommerce orders being returned, leading brands to implement stricter return policies. Return Prime's founder Sashwat Swaroop emphasised the importance of efficiently managing returns to reduce losses and drive revenue. Ecommerce sales surged during the pandemic, exacerbating return issues, prompting brands to adjust return policies to mitigate costs.
Gold custom duty cut revive demand after weak June quarter, World Gold Council says
India's gold demand fell 5% in Q2 2024 but is set to improve in H2 2024 due to a price correction following a significant import tax cut. Lower prices and good monsoon rains are expected to boost demand, especially in rural areas. The Reserve Bank of India increased its gold purchases.
One sector where Tata, Birla and Ambani will slug it out
Why is Birla entering a sector where a big player like Tata is well-entrenched and growing, besides several other national-level brands while an Ambani brand too strives to make its place?
Fading sparkle? Lab-Grown diamonds dive from $300 to $78 a carat
The lab-grown diamond market has seen a significant price drop from $300 per carat in July 2022 to $78 per carat recently, with natural diamonds also experiencing a 25-30% decrease. The diamond industry has been negatively impacted by rising gold prices, a downturn in the US economy, and changes in Chinese buying patterns.
Buying gold overseas seen to lose lustre as duty cut push domestic sales
Indian jewellers foresee a surge in domestic gold purchases due to a significant customs duty cut in the 2024-25 budget. This change has narrowed the price gap between India and Dubai, making Indian gold more appealing. The reduction is expected to boost domestic gold production, and jewellers plan to introduce new designs to attract customers.
Aditya Birla group forays into jewellery retail with 'Indriya'
The Aditya Birla Group launched its new jewellery retail brand, Indriya, directly competing with Tanishq and Reliance Jewels. Indriya plans to be a top-three player in five years, leveraging India's shift towards branded jewellery. This Rs 5,000 crore initiative marks the group's entry during the festive season, aiming to capitalize on India's booming wedding market and rising preference for trusted brands.
Ravi Jaipuria, actor Akshay Kumar invest in Fashion Entrepreneur Fund
Entrepreneur Ravi Jaipuria and actor Akshay Kumar have invested in the Fashion Entrepreneur Fund (FEF), a platform dedicated to providing early-stage investments and mentorship for fashion entrepreneurs, as announced in a press statement on Friday. The fund will have a corpus of $3 million. However, the exact amounts contributed by Jaipuria and Kumar were not disclosed.
Must Watch
Gold prices slump Rs 5,000/10gm post Budget; bring cheers to retail investors
Gold prices have plummeted by 7% in local markets following a government cut on basic custom duty. The move is expected to boost investment in gold as a commodity and financial asset. Analysts believe the duty reduction will curb smuggling and drive growth in the organized jewelry sector. Market experts anticipate stability in prices with factors like US interest rates and political outcomes.
Reliance Retail's Swadesh stitches up pact with Falguni Shane
Reliance Retail’s ethnic handicrafts initiative, Swadesh, has launched its first partnership with luxury designer label Falguni Shane Peacock. This collaboration, which may expand into a deeper strategic alliance, aims to enhance Swadesh's ethnic handicrafts offerings.
Gold rush at jewellery stores as customs duty cut spurs buying frenzy ahead of wedding season
The recent customs duty cut in the budget has triggered a rush at jewellery stores as consumers buy gold in preparation for the wedding season. Prices fell sharply after customs duty cut announced in Budget 2024, sparking a 20% increase in demand. Jewellers have canceled artisans' leave to keep up with the surge.
Budget 2024: Festivals and weddings to shine brighter with cheaper gold, silver, platinum and diamonds
Union Budget: Finance Minister Nirmala Sitharaman announced custom duty cuts on gold, silver, diamond, and platinum in the Union Budget 2024, making these precious metals cheaper. The total import duty on gold and silver has been reduced from 15 per cent to 6 per cent, while duties on platinum have been lowered to 6.4 per cent.
Budget 2024: Price tags get heavier for luxe products
The Indian government is proposing a 1% tax collected at source (TCS) on luxury products like watches, handbags, and high-end televisions priced over ₹10 lakh. This move is aimed at tracking high-value expenses and widening the tax net. Retailers and market experts believe the tax will not impact sales, as luxury is booming in the country.
Budget 2024 boosts India's diamond industry growth & export potential
The Union Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman has been hailed by the Gem & Jewellery Export Promotion Council (GJEPC) for its significant measures aimed at bolstering India's position as a global leader in the diamond and jewellery sectors. The abolition of the equalisation levy on sales of rough diamonds and the introduction of safe harbour tax rules are expected to streamline operations and attract foreign mining companies to trade directly with Indian manufacturers.
